Our goal is to ensure our monitoring program provides banks with an effective mechanism for self-assessing their code compliance, monitoring and reporting frameworks, while providing us with accurate data about the level of code compliance among subscribers.

The International Standard on compliance programs

The International Standard ISO-19600 on compliance programs provides us with authoritative guidance on how banks should effectively manage their code compliance obligations.

This Standard requires banks, among other things, to maintain effective internal breach reporting arrangements. The criteria applied by the Standard include:

timelines for the regular reporting of breaches

exception reporting

systems to facilitate ad hoc reporting of issues, and

systems to ensure appropriate information is provided to key staff so they can take effective remedial action.